December 09, 2016

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Laws on trade and services to be strengthened : VP U Myint Swe

Vice President U Myint Swe delivers an address at the meeting with development partners for enhancement of the trade sector in Nay Pyi Taw on 2nd November, 2016. Photo: MNA
Vice President U Myint Swe delivers an address at the meeting with development partners for enhancement of the trade sector in Nay Pyi Taw on 2nd November, 2016. Photo: MNA

The government is preparing to write laws on trade and services to strengthen the country’s export and import sectors, said Vice President U Myint Swe.
The vice president made the remarks at a meeting with development partners for enhancement of the trade sector in Nay Pyi Taw yesterday.
“Laws on protecting consumers from harm and related principles on trade have been enacted. Our export and import laws have many weaknesses compared to international rules and regulations and they do not cover the working process carried out in the ministry, so measures are being taken to write a law on trade and services”, the vice president said
He also stressed the need to effectively use Myanmar’s geo-political role for the nation’s trade sector development.
Union Minister for Commerce Dr Than Myint, who was also present at the meeting, said in order for Myanmar’s trade sector to develop, the government needs to prescribe strong regulations and provider protections.
The ratio of Myanmar’s Gross Domestic Product (GDP) to its Gross National Product (GNP), that is, its trade dependency, is up to 30 per cent, officials said.
Myanmar’s export and import sectors play a key role, and it depends on how rapidly the nation will integrate with the global market that will determine development growth. Goals for sustainable development have been laid down, which include 2 goals — creating suitable jobs for all, all-inclusive cooperation in lifting up long-term economic development and emergence of consumption and production types for long-term benefit.
“For this, DTIS (Diagnostic Trade Integration Study) was made in collaboration with World Bank. Further, the Ministry of Commerce and Trade is continuing to formulate Medium Term Plan by combining Action Matrix drafted by Actions Matrix and its aligned institutions,” said U Myint Swe.
Myanmar has laid down 12 principles for long-term economic development. A country’s economic development and situation on trade are closely related. It is essential for economic institutions to reduce framework on trade, boost qualification standards and reduce unnecessary expenses to the lowest level.
The trade deficit is an indicator of Myanmar’s need to upgrade export volumes as it may cause inflation in the country and adversely affect its monetary value, said the Vice President.
At the meeting, Mr Abdoulaye Seck, regional representative to Myanmar for the World Bank, extended a cordial greeting.
Present at today’s meeting held at the Hilton Hotel in Nay Pyi Taw were Union Ministers, Members of Parliament, regional and state ministers for commerce and trade, merchants and industrial entrepreneurs, partner institutions and representatives from ministries — altogether about 200 participants.— Myanmar News Agency

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